Deal includes return of $1 million in broker fees but does not address allegedly inflated sale costs
Despite slide in hotel prices due to COVID, San Diego pays nearly $350,000 per room for Mission Valley hotel and $275,000 per room in Kearny Mesathat the city appeared to have paid far more for the hotels than they were worth, due to the fact that their appraisals were completed before the COVID-19 pandemic.
The San Diego Housing Commission, which approved the deals, defended them and said the purchases would help reduce homelessness by housing needy people during a public health crisis.that Neil bought 40,000 shares of the company that owned the Hotel Circle property after he suggested that the city buy the property for the pre-COVID assessment price.
“While our office thoroughly analyzed the appraisals, we found no outstanding issues with regard to the appraisals as they pertained to the actions of either Neil or Kidder Mathews,” Branscomb said. Four other Residence Inn hotels were sold in California in the year before the pandemic was declared for an average per-room cost of $227,300, Reay said.
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